The ABCD and Its Founders
- COFAD Admin
- May 6
- 2 min read
The Actuarial Board for Counseling & Discipline
Actuaries in the U.S. are self-governed in a unique way. This recent article explains the details.
The 5 main actuarial credentialing organizations listed below formed the ABCD effective 1/1/1992. It is now an entity within the American Academy of Actuaries (AAA).
The founding organizations did not want to duplicate certain necessary discipline process steps in the event the "subject actuary" is a member of two or more of these organizations. Multiple investigations leading to different conclusions could be wasteful or embarrassing.
According to the ABCD website it was "established . . . to strengthen members’ adherence to the recognized standards of ethical and professional conduct."
The ABCD operates under self-created Rules of Procedure.
It considers complaints and decides if a material violation of the Code of Professional Conduct is involved; if so, an investigator is assigned by the Chairperson.
If they deem it necessary, they hold a hearing with the subject actuary.
In the case noted on the Home page:
The ABCD broke many of their own rules, some in an outrageous manner.
Their investigator falsified a set of allegations.
The ABCD Hearing Board added falsified wording to the investigator's own fabricated accusations.
The worst discipline is Expulsion from one's professional societies. The second worst is Suspension. The third worst is Public Reprimand, where an actuary is embarrassed in front of his colleagues and the public, including his clients, with damning accusations. A consulting actuary could be ruined by Public Reprimand. It appears that was the goal of the ABCD in this case.
Links to The Main Actuary Organizations in the U.S.
The five organizations above formed their joint discipline arm effective 1/1/1992:
The above websites provide a sense of what they specialize in.
